Mar 18, 2013 2:30am PDT
bob corker of tennessee says he could envision raising tax revenue if democrats embrace big changes to medicare and social security. corker's position on sunday puts him at odds with other members of his party including house speaker john boehner who's ruling out the prospect of any new taxes. >> i think there by the way is a chance on a deal. i know the president is saying the right things and we have an opportunity over the next four to five months. i think republicans, if they saw true entitlement reform, would be glad to look at tax reform that generates additional revenues and that doesn't mean increasing rates, that means closing loopholes. it also means arranging our tax system so that we have economic growth. >> i don't know whether we can come to a big agreement. if we do, it will be between the two parties on capitol hill. the president got his tax hikes on january the 1st. the talk about raising revenue is over. it's time to deal with the spending problem. >> the speaker went on to say he agrees with president obama that the country does not face an immediate debt crisis.
Mar 25, 2013 2:30am PDT
as senators dealt with amendments all over the place ranging from the keystone pipeline to eliminating tax breaks for fish tackle box manufacturers. no joke. it's true. passed a budget by a margin of one vote. >> now, the average budget resolution considered 78 amendments, we've done 101. average 35 amendments, we've done 70. twice as many. doing this has been a herculean feat. >> i know everyone is exhausted, and you may not feel it at the moment, but this is one of the senate's finest days in recent years and i commend everyone who's participated in this extraordinary debate. >> can't figure out if mr. in cane is awake. not a single republican supported the plan and four democrats each up for re-election next year also voted against their party's budget. the plan cuts $1.85 trillion over 10 years through a mixture of tax increases and spending cuts and will not balance the budget. the house republican budget which was already defeated in the senate would have slashed $4.6 trillion in spending over the same period without raising taxes. now senator patty murray, the architect of the senat
Mar 20, 2013 2:30am PDT
unpopular tax on private savings accounts failed to collect a single yes vote. for more, let's check in with with my cube mate in cyprus. michelle, you made it. >> reporter: yeah, we made it finally after lots of delays. now it's mission critical and a search for plan b. last night the parliament roundly said we don't want to attach the deposits of the banking system here. but the situation is they still have to come up with nearly 6 billion euros. remember what the end game here. this country has gone to other european countries and said we need a total of 17 billion euro toss bail out our banks and keep our government afloat. and they said we'll give you 10 billion. you have to contribute something yourself. you know where all the money is in this country? it's in the banking system. it's a huge banking system, eight times the size of their economy. consider this, brian, if the us banking system was as big relative to the u.s. economy as cyprus is, we would have 45 more banks the size of jpmorgan in the united states. that's how big it is. that's why there's a need to tax deposits.
Mar 22, 2013 2:30am PDT
to moscow to try to avoid paying this tax on deposit holders and this is a solution that the europeans came up with. so the finance minister rejected the fly to moscow to come up with a plan b. he left moscow empty handed and flown back to cyprus now. all he managed to secure is an extension on the maturity of an existing loan saying no fresh cash to plug that $5.8 billion worth of euros they're going to raise on deposit holders. the request he is what happens now? since then, we also heard that an emergency session planned by the parliament in cyprus has been delayed. they come up with solutions and so far no restructuring of the banks and also capital controls to stop this flight of capital next week. and also the other plan was what to do with the solidarity fund which was meant to raise money for investment into cyprus. so the situation is very fluid at the moment. we're waiting on a solution from cyprus that will be negotiated with the europeans, bill. >> hopefully gets better over the weekend and monday we can be back to normal there in cyprus. karen tso, thank you. have a wonderful f